'A balance of £16494. 18. 10 was carried forward upon approval of the shareholders at the annual general meeting of the North China Insurance €o,, which was, held at 3.30 p.m. on Monday (May 48) in the head offices of the company, 20 The Bund. In addition to the directors supporting the chairman, there were present [freon shareholders representing 9,934 shares.
Mr. W. Nation, the chairman said:
This Is the second year in which the accounts and balance sheet have presented in the new form, you will be able therefore comparison of the figures in various revenue accounts with appearing in the previous report, 'In the marine account, you Will notice that net premium shows reduction of £11,819.0.1, but as a set off against this losses are £7,590.- 109" less. 'The amount carried to profit and loss is £6,180.8.7, as Against £8210.116. 'The' profit for 1082 and the preceding year, yoing equivalent to 6.55 per cent, and 7.04 per cent. on the net premium for these years respectively. The balan of the 1933 marine account is £38, 8663.9, and the marine fund at the fend of the year, including an addi tional reserve of' £25,000.00, amounts to £63,800.3.9.
"In the fire account, the reduction in premium is not so marked, being a matter of £1,92204 only. The Fesult, "moreover, is much better, £5,936 being carried to profit and ess, as against £687.14 in the pre~ ceding year, after setting up a reserve of 40' per cent, amounting to £25232.05 to meet claims upon unexpired risks. You mill notice that besides this we have an additional reserve of £20,000. The profit for the year 1993, which is equivalent to 845 "per cent. of the net premium for that year may be regarded as satisfactory.
The accident and general account is equally satisfactory. The premium is down by £1,205142 but tne amount carried to profit and loss is £5377.18.7, a8 against £2,470.160, the profit for the year 1993 being equivalent to 1534 per cent. of the net premium for that year." You will notice that in addition to the 40 per cent. reserve of £8,800.12.10 in this account, we have an additional reserve of £5,00000, The total profits from all these accounts are £14.86082 which compares with £11338.810 for the pre-Ceding year. ur total net premium income from all departments in 1933 at £167, 070,129 shows a decrease of £15,038. 1421, this decrease can be attributed to the smaller movements of cargo decline in world trade, the intense competition causing a further reduction in rates in the marine field and a demand for increased discounts on the fire insurance rates in China. Every effort is being made to effect economies in our expenses which are not inconsistent with the maintenance of efficiency, as Some set off against our reduced income, and they were reduced in 1933 by over £3,000 as compared with 1932.
The balance st credit of prot and ess account at the beginning of the year was 2152264177 and if you approve of the distributions for Vidend and contributory bonus recommended by your directors, there
Text read from the printed page and cleaned; old type leaves the occasional error.